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The Teachers' Superannuation (Amendment) Regulations 1996

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Amendment of principal Regulations

25.  In Part III of Schedule 12 (transfer values; inward transfers) —

(a)in paragraph 11(1) after the words “he is entitled”there shall be inserted the words “unless paragraph 11A applies”; and

(b)after paragraph 11 there shall be inserted the following paragraph —

11A.(1) This paragraph applies where —

(a)the condition specified in paragraph 11(1)(b) applies;

(b)the person has made an election under regulation B7 (resumption of pensionable status);

(c)the previous election under regulation B6 (election not to be pensionable) was made before 30th June 1994;

(d)the person has been in excluded employment between the date of the election under regulation B6 and the date of the election under regulation B7;

(e)a transfer value was paid under regulation F1 in respect of the person in consequence of him ceasing to be in pensionable employment by virtue of the election under regulation B6;

(f)the person is an individual as is mentioned in section 172(1) of the Pensions Act 1995(1);

(g)the Secretary of State accepts a transfer value under regulation F5 of the amount specified in sub-paragraph (3).

(2)In this paragraph “the period of original pensionable employment”means the period during which the person was in pensionable employment before he made his election under regulation B6.

(3)The amount referred to in sub-paragraph (1)(g) is A+B where —

  • A is the transfer value which, calculated on the basis specified in paragraph 11(2), would enable the person to count the period of excluded employment as reckonable service as if it had been pensionable employment; and

  • B is the greater of —

    (a)

    the transfer value paid under regulation F1 in respect of the person in consequence of his ceasing to be in pensionable employment by virtue of his election under regulation B6 together with —

    (i)

    in a case where the transfer value is paid to the Secretary of State pursuant to regulation F5 within four weeks of the request under regulation F5(2) an amount, determined actuarially, which represents the income which would have been received had such sum been invested during the period starting at the end of the month in which the transfer value was paid under regulation F1 and ending at the end of the month in which the request under regulation F5(2) was made; and

    (ii)

    in any other case, the amount referred to in paragraph (i) above together with a further amount, determined actuarially, which represents the income which would have been received compounded with monthly rests, had such sum been invested during the period starting at the end of the month in which the request under regulation F5(2) was made and ending at the end of the month in which the transfer value is paid to the Secretary of State; and

    (b)

    the amount which would be paid as a transfer value under regulation F1 in respect of the person if at the date on which he made the election under regulation B7 —

    (i)

    he was in pensionable employment and made an election under regulation B6; and

    (ii)

    he had been in pensionable employment for a period equal to the period of original pensionable employment.

(4) Where this paragraph applies the person is entitled to count as reckonable service —

(a)the reckonable service arising from the period of original pensionable employment; and

(b)such service arising from the period of excluded employment as if it had been pensionable employment..

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